OUR ECONOMIC BASE
Oil & Gas
The Lac La Biche region is strategically situated at the crossroads of two major oil sands producing areas in Fort McMurrary and Cold Lake. Drilling, seismic, and pipeline construction contribute significantly to the local economy. Opportunities for expansion and new ventures exist in servicing Steam Assisted Gravity Drainage (SAGD) developments.
Forestry in the Lac La Biche region has increased substantially in past years. The addition of a major pulp mill to this sector, Alberta Pacific Forest Industries, as well as a strong demand for wood products has facilitated the development of a diversified forestry sector.
Tourism has grown as the demand for new services and unique wilderness opportunities have grown. This northern lake country has long attracted outdoor enthusiasts to view and enjoy the pristine beauty of the lakes and forests. The region consistently attracts over 175,000 tourists annually.
The core retail sector of the region is in the hamlet of Lac La Biche which has a primary catchment area of about 17,900 people with a thriving business and service sector meeting most everyone’s needs. As the region’s industrial and commercial sectors expand, and the population continues to grow, opportunities to provide goods and services to the local markets have also increased.
In the Lac La Biche region about 10% of the population operates farms. Approximately 70% of the agricultural revenue consists of cow/calf operations. Production consists of a variety of domestic and speciality livestock. The major crops are hay, pasture, oats, barley and canola.
Including municipal, provincial, health care, social services, and education, the public sector is a large part of the local economy, employing approximately 28% of the population.